Units Sold at Retail Date Activities Units Acquired at Cost Jan. 1 Beginning Jan.10 Sales Mar.14 Purchase Mar.15 Sales Tuly30 Purchase Oct. 5 Sales Oct.26 Purchase 260 units$12.40 inventory 215 units$42.40 420 units 7,308 $17.40= 380 units $42.40 460 units$22.40 $22.4010,304 425 units $42.40 160 units $27.404,384 Totals 1,300 units $25,220 1,020 unit:s Exercise 6-7 Perpetual: Inventory costing methods-FIFO and LIFO LO P1 equired: emming uses a perpetual inventory system. . Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. .Determine the costs assigned to ending Inventory and to cost of goods sold using LIFO . Compute the gross margin for FIFO method and LIFO method Complete this questions by entering your answers in the below tabs. Required Required Required Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO Cost of Goods Sold Balance Purchascost! # of units | Per Goods per sold unit #of | units Cost! Cost ofd1 #of units! perl Cost Inventory Date Balance January 1 260403,224.00 12.40 March 14 March 15 October5 Required: Hemming uses a perpetual inventory system. 1. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO 2. Determine the costs assigned to ending Inventory and to cost of goods sold using LIFO 3. Compute the gross margin for FIFO method and LIFO method. Complete this questions by entering your answers in the below tabs. Required Required Required Determine the costs assigned to ending inventory and to cost of goods sold using LIFO Perpetual LIFO Cost of Goods Sold Balance Purchased Cost per sold ost #of units ost # of units per | Balance # of units Cost of Date per Goods Sold unit January 1 26020 3,224.00 arch 14 March 15 October5 October 26 Totals $ 0.00 Required 1 Required 3> Required information Use the following information for the Exercises below. The sowowing nformation appies to the questions displayed below, Hemming Co. reported the following current-year purchases and sales for its only product Units Sold at Retail Date Activities Units Acquired at Cost Jan. 1 Beginning Jan.10 Sales Mar.14 Purchase Mar.15 Sales Tuly30 Purchase Oct. 5 Sales Oct.26 Purchase 260 units$12.40 inventory 215 units$42.40 420 units 17.407,308 380 units $42.40 460 units$22.40 $22.4010,304 425 units $42.40 160 units $27.404,384 Totals 1,300 units $25,220 1,020 unit:s Exercise 6-7 Perpetual: Inventory costing methods-FIFO and LIFO LO P1 Required: Hemming uses a perpetual inventory system. 1. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO 2. Determine the costs assigned to ending Inventory and to cost of goods sold using LIFO 3. Compute the gross margin for FIFO method and LIFO method. Complete this questions by entering your answers in the below tabs. Required Required Required Compute the qross margin for FIFO method and LIFO method Sales revenue Less: Cost of Gross margin ds sold K Required 2 Required 3
